Margins mostly varied within a range of -23bps to +19bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -57bps), Suncorp Capital Notes 4 (SUNPI, +56bps), Commonwealth Bank PERLS 12 (CBAPI, +34bps), Judo Capital Notes (JDOPA, -32bps) and AMP Capital Notes 3 (AMPPB, -31bps) had the largest (absolute) changes on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 7.61% | 0.08% | 100.25 | 8.15% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 3.07% | -2.38% | 100.80 | 8.00% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.68% | -0.46% | 101.30 | 8.01% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.04% | 0.02% | 102.00 | 8.06% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.27% | 0.03% | 103.19 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.20% | -0.60% | 103.85 | 7.90% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.25% | -0.36% | 102.86 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | 0.00% | 103.00 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.04% | -0.31% | 104.65 | 8.52% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.45% | -0.12% | 105.81 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.42% | 0.27% | 105.60 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.39% | -0.09% | 105.99 | 7.94% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.99% | 0.19% | 102.78 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | 0.01% | 105.99 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.44% | -0.06% | 103.75 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.41% | -0.57% | 94.90 | 9.57% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.46% | -0.14% | 105.69 | 7.38% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.34% | 104.06 | 7.12% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.28% | -0.05% | 105.65 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.97% | -0.36% | 105.92 | 7.76% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.14% | -0.10% | 103.00 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.16% | 0.17% | 105.01 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.87% | 0.19% | 104.41 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.24% | 0.12% | 103.03 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.85% | 0.56% | 103.40 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.20% | 0.12% | 105.11 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.43% | 0.04% | 102.81 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | -0.01% | 103.61 | 7.54% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.07% | -0.32% | 110.90 | 9.96% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.40% | 0.14% | 102.01 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.77% | -0.11% | 104.75 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | 0.03% | 102.70 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.77% | 0.03% | 103.92 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.46% | -0.18% | 106.09 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.26% | -0.10% | 104.66 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.06% | -0.15% | 104.39 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.46% | -0.04% | 102.19 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.46% | 0.11% | 103.55 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.59% | 0.02% | 102.10 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.03% | 0.06% | 102.01 | 7.45% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.06% | -0.08% | 101.59 | 7.47% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.67% | -0.05% | 102.15 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | -0.01% | 103.30 | 7.26% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.03% | 0.11% | 90.70 | 9.39% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | 0.03% | 106.85 | 8.85% |
** “Clean” running yield. Includes franking credits if present.